India and the US have agreed to strengthen bilateral economic cooperation through new initiatives like setting up a Framework for Cooperation on Trade and Investment and launching a Financial and Economic Partnership.

“The Framework is expected to foster an environment conducive to technological innovation and collaboration, promote inclusive growth and job creation,” said the joint statement issued by Prime Minister Manmohan Singh and US President Barack Obama.

The joint statement was issued after the meeting between Singh and Obama. The Indian Prime Minister is on a four-day state visit to the US.

While the Framework would support small and medium enterprises in exploring new business opportunities, the US-India Financial and Economic Partnership would deal with economic, financial and investment related issues.

The two leaders have also agreed to strengthen and reform the global economic and financial architecture in the G-20, the World Bank and the IMF, besides expressing their resolve to seek an ambitious and balanced outcome of the Doha Round.

The multilateral trading system, the leaders emphasised, should be open, fair, equitable, transparent and rule-based.

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